Search ZIP Codes for best mortgages

A leading mortgage search company has advised comparing rates in different ZIP Codes to find the best mortgage deals available in each district.

Mortgage rates can be easily researched by state or ZIP Code using bank's tables, according to mortgagebankrates.com.

Using a mortgage calculator to find the best deal could be crucial, as even neighbouring districts could have vastly different rates, providing a similar location at a lower price, which is especially crucial to first-time buyers.

New figures from the Mortgage Bankers Association (MBA) suggest that that the average contract mortgage rate is remaining unchanged at 4.33 per cent for a 15-year mortgage deal.

In comparison, one-year adjustable mortgage rates continued to fall, with the average contract rate for the deal falling 0.03 per cent to 6.52 per cent.

However, the interest on 30-year mortgages rose to 4.92 per cent this week, according to the MBA's figures.